Citibank Bangladesh's net income rises
Monday, 15 December 2008
FE Report
Citibank NA Bangladesh's net income rose by 64 per cent in the 11 months of this year despite drop in its group revenue and net income due to the subprime debacle-driven meltdown.
The after-tax net income soared to Tk 890 million (89 crore) during January-November period of this calendar year from Tk 680 million of the corresponding period of the previous year, a Citi senior official told the FE Sunday quoting its interim report.
The report showed that the rise was driven by strong cash management, trade and foreign exchange revenue.
The total operating income rose by 26 per cent to Tk 2.82 billion during the period under review from Tk 2.24 billion of the corresponding period of the previous year.
On the other hand, the total operating expense increased by 8 per cent to Tk 550 million from Tk 510 million, the data showed.
During the same period, provisions on loans decreased by 25 per cent from Tk 260 million to Tk 197 million.
In 2008, Citibank Bangladesh captured headlines for concluding the country's largest merger and acquisition deal, with Japan's NTT DoCoMo taking 30 pc stake, worth US$ 350 million, in AKTEL, a Telecom Malaysia subsidiary. The bank has also been the issue manager to the largest initial public offering (IPO) in the history of Bangladesh, in which the mobile phone operator GrameenPhone is raising capital equivalent to US$125 million through Pre-IPO and IPO.
It also concluded a $43 million worth of International Finance Corporation (IFC)/ Overseas Private Investment Corporation (OPIC)-backed fund raising for BRAC, the largest non-governmental organisation (NGO) in the world, early in the year.
Citibank NA Bangladesh's net income rose by 64 per cent in the 11 months of this year despite drop in its group revenue and net income due to the subprime debacle-driven meltdown.
The after-tax net income soared to Tk 890 million (89 crore) during January-November period of this calendar year from Tk 680 million of the corresponding period of the previous year, a Citi senior official told the FE Sunday quoting its interim report.
The report showed that the rise was driven by strong cash management, trade and foreign exchange revenue.
The total operating income rose by 26 per cent to Tk 2.82 billion during the period under review from Tk 2.24 billion of the corresponding period of the previous year.
On the other hand, the total operating expense increased by 8 per cent to Tk 550 million from Tk 510 million, the data showed.
During the same period, provisions on loans decreased by 25 per cent from Tk 260 million to Tk 197 million.
In 2008, Citibank Bangladesh captured headlines for concluding the country's largest merger and acquisition deal, with Japan's NTT DoCoMo taking 30 pc stake, worth US$ 350 million, in AKTEL, a Telecom Malaysia subsidiary. The bank has also been the issue manager to the largest initial public offering (IPO) in the history of Bangladesh, in which the mobile phone operator GrameenPhone is raising capital equivalent to US$125 million through Pre-IPO and IPO.
It also concluded a $43 million worth of International Finance Corporation (IFC)/ Overseas Private Investment Corporation (OPIC)-backed fund raising for BRAC, the largest non-governmental organisation (NGO) in the world, early in the year.